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Condo sales drive strong July for Toronto real estate

Toronto home sales rose in July.

Toronto home sales rose in July.

Toronto moving companies have been busy, as last month’s home sales in the metro area were up 23 percent compared to July 2010, the Greater Toronto Real Estate Board recently reported. Richard Silver, president of TREB, said if the pace of sales continues, 2011 could be the second-best year on record.

Detached homes accounted for the greatest volume of sales in the metro area, at 3,773 units, though condos outsold detached residences within the City of Toronto proper.

At 1,452 units, condo sales outpaced the previous July record, set in 2007, by 35 percent, according to The Victoria Times Colonist. The news source cites a recent Bank of Montreal survey indicating 46 percent of Canadians entering the housing market plan to buy a condo.

Average sales prices were up about 10 percent from last July. The average sales price for the metro area was $459,122, compared to $418,675 last year. Within the City of Toronto, the average price reached $475,717, up from $443,000.

Across Lake Ontario, housing markets in New York have also had a good summer. Rochester, New York, house prices rose 15.7 percent last quarter, according to a recent Clear Capital report.